Amazon topples Apple as world's most valuable company

However the move to top spot did not last long.

Microsoft isn't the only company contesting Apple's number one spot as the world's most valuable company. Amazon is close behind, and this week managed, albeit briefly, to assume the number one spot.

This short flip occurred on Monday, as the entire stock market was in a rally after the temporary truce between China and the United States.

Amazon's stocks rose 4.7 per cent and have, at one point, put the company's market cap at $865.0 billion. At that moment Apple, despite being up 2.1 per cent, managed to hit the market cap of 'just' $864.8 billion. Microsoft, on the other hand, was up 0.9 per cent, hitting $859.0 billion.

As quickly as a pop on a bottle of champagne, Amazon had ceded the number one spot back to Apple. The latter rose 3.49 per cent, hitting $877 billion, at the close. Amazon was up 4.86 per cent with a market cap of $866.6 billion, followed by Microsoft's 1.08 per cent and a stock market value of $860.4 billion.

Back in August, Apple became the world's first company to hit $1 trillion in market capitalisation. Despite selling less iPhones than previous years, the company managed to mitigate the losses by ramping up the prices.

In recent times, however, the company's value dropped as investors worry about the failing demand for iPhones.